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Wednesday, December 5,2001 Headlines---- Financial Federal Reports Record Earnings---- Great Leasing Christmas Gift Recommendation Capital Stream Ranked 15 out of 25 Technology Companies ADP Credit Corporation Selects LENDX Citigroup Signs Mantas to Manage Money Transfers Dominic Janney: New Head for S=E Division, Marlin Leasing Jack Welch Visits Silicon Valley Cisco CEO says orders in November on target AT&T restores Internet connections U.S. Economy to Emerge From Recession by Third Quarter of 2002 According to Fleet Capital's Annual Survey of Middle-Market Manufacturer CFOs ### denotes press release ________________________________________________________________ Colonial Pacific/GE The manager of their Leasing Solutions Division in the same building as Colonial Pacific that OTFS would be the new company and would consider accepting new broker business late in the first quarter of next year once the consolidation is complete Name With Held ( Leasing News is trying to tie-up some lose ends to our history of Colonial Pacific Leasing. When complete, we will print it. editor ) -------------------------------------------------------------------------------------------------------------------- Hi or How are You? If you get this in a text, delete it immediately. It is the latest virus making the leasing company rounds: How are you ? When I saw this screen saver, I immediately thought about you I am in a hurry, I promise you will love it! If you receive a message with subject "HI" and an attached screensaver named gone.scr, PLEASE DELETE IT. DO NOT OPEN OR INSTALL. It is a worm virus. And, if you did receive it from me, please accept my apologies. If you made the mistake I made and installed it on your hard disk, pleas be aware that it will re-propagate to everyone on your Outlook address list every time you restart your system. The Norton website has more information, at http://securityresponse.symantec.com/avcenter/venc/data/w32.goner.a@mm.html Andrew Andrew Lea McCue Systems, Inc. 111 Anza Boulevard, Suite 310 Burlingame, CA 94010-1932 (650)348-0650 Ext. 1171 Fax: 888-730-2527 www.mccue.com andrewl@mccue.com ------------------------------------------------------------------------------------------------------------ ##### ################################### ################ U.S. Economy to Emerge From Recession by Third Quarter of 2002 According to Fleet Capital's Annual Survey of Middle-Market Manufacturer CFOs
GLASTONBURY, Conn Overall rating for the U.S. economy drops 28% from a year ago While the CFOs of 300 middle-market manufacturers are part of a growing chorus of observers who believe the U.S. economy is in recession, they are confident that the economy will recover by the third quarter of 2002, according to Fleet Capital Corporation's annual Middle-Market Survey results released today. Barring another terrorist attack on the United States, an overwhelming majority (92%) of respondents believe that the U.S. economy will emerge from recession by the end of 2002, with 40% expecting the emergence to occur in the second quarter, and 29% in the third quarter. Eleven percent of CFOs believe the national economy is going to emerge from recession in the first quarter, while 12% say it will happen in the fourth quarter of 2002. These findings closely mirror respondents' beliefs about recovery for the long-beleaguered manufacturing sector as well. When asked how they perceive the current condition of the U.S. economy, not surprisingly, CFOs rated it as only "fair", giving it an average score of "58" on an economic scale ranging from 0 (extremely weak) to 100 (extremely strong). In comparison, the health of the U.S. economy in November 2000 was given an average score of "81," according to last year's survey. "Economic and labor market conditions have clearly deteriorated - and are likely to deteriorate a bit further in the months ahead," said Wayne M. Ayers, chief economist at FleetBoston Financial. "Yet, we expect that the aggressive easing of monetary policy by Alan Greenspan, together with the eventual passage of a fiscal stimulus package by the Congress, will keep the current downturn shallow and short-lived." The confidence of respondents in an economic turnaround is bolstered by recent monetary policy, as 83% indicated that the Federal Reserve's recent interest rate cuts have benefited the national economy. Slightly more than half (51%) of CFOs expect their revenues to grow in 2002 (compared to 73% in 2001 and 82% in 2000). A third (32%) say their revenues are likely to stay the same, while 14% expect their revenues to contract. Last year, only 3% of CFOs expected a revenue contraction in 2001. The respondents also indicated a degree of confidence in the global economy. Ninety-two percent of the companies surveyed sell to foreign markets. Nearly half (47%) of those companies expect an increase in foreign sales in 2002, while 42% expect exports to stay the same, and only 8% anticipate a decrease in sales to foreign markets. However, 49% percent of respondents indicate that another large-scale terrorist attack similar in magnitude to the September 11 tragedy, which many economists believe pushed the U.S. economy into recession, would have a significant impact on the national economy. Thirty-five percent say it would have a major or catastrophic impact, while only 15% say such an attack would have either a minor impact, or no impact at all. "While the cautious tone of these CFOs has been reflected in their business practices, the survey results show that they believe there is light at the end of the tunnel." said James G. Connolly, president and CEO of Fleet Capital. "The CFOs optimistic outlook is consistent with the demand we're seeing for financing acquisitions and other growth activities." Other key findings include: Financing -- Sixty-two percent of middle-market manufacturers expect their financing needs to stay the same or decrease in 2002. Thirty-two percent anticipate that their needs will increase. -- Forty-five percent say they expect their financing costs to stay the same. Seventeen percent believe the cost of financing capital will decrease in 2002 as compared to 2001 (up from 4% citing "decrease" a year ago). Twenty-eight percent expect their cost of financing capital to increase in 2002. -- A majority of CFOs expect that their companies will use bank financing to help fund their growth (56%). Internal sources are quoted by more than four in ten CFOs (45%). -- About a quarter of CFOs plan on using private equity (24%) in 2002, down from 30% in 2001. Eighteen percent cite leasing (up from 14% in 2001), and 16% senior debt (up from 9% in 2001). Six percent will use high yield (junk bonds) (same as in 2001). Three percent report using an Initial Public Offering (down from 5% in 2001), and Leveraged Buyout (4% in 2001) respectively. Labor Costs and Product Pricing -- Forty-seven percent of CFOs anticipate that their labor costs per unit will increase in 2002 (down slightly from 49% last year). Over a third (36%) say their labor costs will stay the same, while 15% anticipate a decrease in labor costs (up from 10% citing "decrease" last year). -- Fewer CFOs expect their product pricing to increase (32% vs. 55% in 2001). Forty-five percent expect their product pricing to stay the same (up from 33% in 2001), while 16% forecast a price drop (compared to only 5% last year). Mergers and Acquisitions -- Eighteen percent of the companies surveyed expect to participate in a merger or acquisition in 2002 (compared to 10% last year). Of these companies, 60% anticipate that they will acquire another company. -- Nearly two-thirds of CFOs believe that next year's purchase price for companies in their industry -- as a multiple of EBITDA -- will either stay the same as last year (32%) or decrease (33%). This is a drastically different outlook than in 2001 when only 8% of CFOs expected the price to decrease, and four in ten (41%) expected the price to stay the same as the year before. Less than one in five (17%) of the middle-market manufacturer CFOs think multiples will increase (compared to 39% in 2001). -- Thirty percent of publicly held companies expect to participate in mergers and/or acquisitions in 2002 vs. 11% of private companies. -- One fifth (21%) of the largest companies (those with sales between $200 million and $500 million) anticipate that they will be involved in a merger or acquisition next year compared to 17% of the smallest middle-market manufacturers (with sales between $25 million and $75 million). International Outlook -- The markets most expected to generate increases in foreign sales are Europe (57%), Asia (47%), and Mexico/Central America (38%). About one third cite Canada (33%), while 29% expect increases to come from South America. About the Survey Conducted from October 23 through November 9, 2001, the Fleet Capital Middle-Market Survey questioned the chief financial officers of 300 middle-market manufacturing companies throughout the U.S. The margin of error for this 300-interview survey is +/- 5.7% at the 95% level of confidence. To obtain a complete copy of survey results, call 1-800-77FLEET. About Fleet Capital Corporation Fleet Capital Corporation, which has 25 offices located throughout the United States and approximately $16 billion in committed lines of credit, provides secured financing and other financial services to domestic middle-market companies and their foreign subsidiaries. Fleet Capital is part of FleetBoston Financial Corporation, the nation's seventh largest diversified financial holding company with more than $200 billion in assets. FleetBoston Financial offers a comprehensive array of innovative financial solutions to 20 million customers in some 20 countries. FleetBoston Financial is headquartered in Boston and listed on the New York Stock Exchange (NYSE: FBF) and the Boston Stock Exchange (BSE: FBF). CONTACT: Fleet Capital Philip Margolis 860-657-7697 philip-margolis@fleetcapital.com #### ################################ ############################### Leasing News. Excuse the delays in Leasing News. @home is not working “at home” where I do research, writing, and put things together. The virus hit us, too, at the office, plus there are many complaints researching, now back on track. editor RATINGS FLASH: MONDAY: 'GOOD MORNING AMERICA' [5.0] MATCHES 'TODAY' [5.1]
WITH SCOOTER INVENTION EXCLUSIVE, (
people change their dial) CBS 'EARLY'
DRAGS [2.0]...Bryan Gumbel still doesn’t have the draw he had on the Today Show. BROKAW [8.9] OVER JENNINGS [8.6] OVER RATHER [6.4]... LENO [5.1] AHEAD OF
LETTERMAN [4.4]... ( normally they are “neck and neck.” . ___________________________________________________________________________ #### ############################## ############################### Financial Federal Corporation Announces Record Earnings for the First Fiscal Quarter Ended October 31, 2001
NEW YORK--(BUSINESS WIRE--Financial Federal Corporation ("FIF" - NYSE), a nationwide, independent financial services company specializing in equipment financing and leasing for middle market businesses, announced record net earnings for the quarter ended October 31, 2001 of $8.8 million, a 21% increase over the $7.3 million reported for the quarter ended October 31, 2000. Diluted earnings per share increased by 17% to $0.48 for the first quarter of fiscal 2001 from $0.41 for the comparable quarter last year. The increase in diluted earnings per share was lower than the increase in net earnings, due primarily to the effect that the Company's convertible subordinated notes have on the diluted earnings per share calculation. New business originated during the quarter amounted to $182 million. Finance receivables outstanding increased by 13% to $1.337 billion at October 31, 2001 from $1.188 billion at October 31, 2000. Paul R. Sinsheimer, Chairman, commented: "Despite the economic uncertainty resulting from the terrorist attacks of September 11th, Financial Federal continued its record of increases in both net receivables outstanding and profitability for the 50th consecutive quarter. Understandably, the Company's growth rate slowed while the country paused to reflect and assess the impact of September 11th. We remain confident in our ability to grow, but our rate of growth is affected in large part by the overall health of the U.S. economy. We remain guardedly optimistic about the economy's near-term prospects." "The continued weakening of the general economy is reflected throughout the financial services industry in higher levels of credit losses, delinquencies and non-performing accounts. Financial Federal's asset quality statistics, however, remain among the best in the industry," remarked Steve F. Groth, Chief Financial Officer. "Net credit losses of $728,000 for the quarter were an annualized 0.22% of average finance receivables compared to 0.20% in the immediately preceding quarter and 0.12% in the first quarter last year, substantially below industry averages. Receivables past due more than 60 days aggregated 2.6% of total finance receivables as of October 31, 2001 versus 1.9% at July 31, 2001 and 1.7% at October 31, 2000. Non- performing assets were 3.1% of total finance receivables outstanding at October 31, 2001 compared to 2.6% at July 31, 2001 and 1.9% at October 31, 2000." Financial Federal Corporation specializes in financing industrial and commercial equipment through installment sales and leasing programs for manufacturers, dealers and end users nationwide. In addition to its New York office, the Company has six full-service operations centers in Texas, Illinois, New Jersey, North Carolina, Georgia and California, and numerous additional marketing locations throughout the country. For additional information, please visit the Company's website at www.financialfederal.com. CONTACT: Financial Federal Corporation Jeanne McDonald, 212/599-8000 ### ############################ ############################# @home AT&T is calling users to re-boot and log onto their “browser” and follow the instructions. Information about mail during this down period is not none. You will receive a new e-mail address. I hope to try at @home tonight. Note: Latest news and full story at end of newsletter Great Christmas Gift---( Yes, this is a plug!!!! But it is also educational. editor ) Looking for a Christmas Present for a Colleague or Someone Who Refers You Business---or your spouse asks you what you want for Christmas----- James Johnson and Barry S. Marks have completed work on a companion book to Power Tools for Successful Leasing . The new book (273 pages) addresses with technology leasing from the lessee's perspective and includes a mock negotiation, as well as legal, tax, accounting and structuring advice. It is a "must" for lessees of computers and other high-tech equipment and a good read for lessors who want to see their business from a different perspective and maintain a competitive edge. The book will be available at, http://www.leasingpress.com/ . For more info, contact Barry or James (at phdleasing@hotmail.com). * * * * * Barry S. Marks * * * * * BERKOWITZ, LEFKOVITS, ISOM & KUSHNER 420 N 20th St., 1600 SouthTrust Tower Birmingham, AL 35203-5202 bsm@blik.com - www.leaselawyer.com 205.250.8333 - fax:322.8007 You might asks them about the original book,Power Tools for Successful Leasing. Power Tools for Successful Leasing by James M. Johnson, PH.d Barry S. Marks Leasing Power tools Press 43W690 Willow Creek Court Elburn, Illinois 60119 Phone: 630.365.9004 Fax: 630-365.5602 E-mail: phdleasing@hotmail.com or bsm@blik.com ___________________________________________________________ ### ############################### ########################## CapitalStream Ranked 15th in Top 25 Technology
Deals of 2001
According
to FutureBanker’s Top 25 Technology Deals of 2001, CapitalStream’s
Commercial Financing Solution Earns Company Top Honors in the Banking
Arena Seattle, WA— CapitalStream (www.CapitalStream.com), a Seattle-based provider of commercial finance automation technology for banks, financial institutions and manufacturers, today announced it has been ranked by FutureBanker Magazine as having one of the Top 25 Technology Deals for 2001. CapitalStream was ranked 15th by the prestigious banking publication for its multi-year agreement with Bank of America for instant online commercial financing approval for their small business clients. The annual list ranks U.S. technology companies like CapitalStream based on their ability to help customers reduce expenses and increase revenue. CapitalStream allows financial institutions to realize the cost-saving advantages of online commercial financing, giving the Seattle-based company important recognition within the banking community. "We’re very proud to have earned this significant ranking on a list that recognizes the banking industry’s most innovative and successful technology companies,” said Stephen Campbell, CapitalStream’s president and CEO. "Our success comes from providing the commercial finance industry with pioneering technology solutions that automate all aspects of business credit transaction processing. In addition to this latest honor, CapitalStream was recently ranked the 39th fastest growing technology company in Washington State by the Deloitte & Touche Fast 50 Program. Other milestones achieved this year include acquiring several major financial services customers and securing $20 million in funding despite falling market conditions. For over six years, CapitalStream has enabled commercial finance customers to reduce costs, increase efficiencies,
better manage operations, and enhance customer service. CapitalStream’s
FinanceCenter solution automates business credit transaction processing
across multiple business lines, multiple products and multiple sales
channels, lowering costs and enabling companies to take advantage of
new business opportunities by automating manual processes for leases,
loans, lines of credit and credit cards.
About CapitalStream Seattle-based CapitalStream automates and streamlines commercial finance
processes for banks, finance companies, and manufacturers. CapitalStream – FinanceCenterÔ, a patent pending technology, reduces processing
time, lowers costs, and enables companies to cost effectively take advantage of new business opportunities
by automating manual processes for leases, loans, lines of credit, and
credit cards. CapitalStream, an established industry leader for more
than six years with deep knowledge about the inner workings of the financing
world, has helped hundreds of financial organizations increase their
competitiveness, customer service and profitability. For additional information about CapitalStream visit its web site at www.CapitalStream.com. #### ############################### ############################ ADP
Credit Corporation Selects LENDX to Streamline Equipment Financing Processes
Leading Data Processing Company Will Automate Leasing Activity and Management San
Francisco, CA –– ADP Credit Corporation (ADPCC), in its capacity
of executing equipment financing for ADP Inc., has selected LENDX, the
leading provider of management applications and commerce services for
equipment financing, to streamline the equipment financing processes
via the LENDX Lifecycle Suite of web-based applications. “We
are continually analyzing internal processes and implementing solutions
to save time and costs, and we believe that LENDX will be a great help
in improving data management and automation,” said Tony Pacchiano,
Senior Director, ADPCC. “As a provider of computerized transaction
processing and information services, you can imagine our standards for
a solution were extremely high. LENDX’s powerful tools will streamline
our equipment finance processes significantly, reducing time to market
and automating data flow.” “LENDX
is focused on creating leading edge web-based applications to automate
equipment finance processes, and we are very excited to add ADPCC to
the growing number of companies implementing LENDX’s equipment
finance solutions,” said Lou Vigliotti, CEO, LENDX. “With
its large financing portfolio and a focus on process automation, ADPCC
will reap immediate benefits with the implementation of LENDX applications.”
About
ADP Credit Corp.
About
LENDX
( courtesy of ELA online ) #### ##################################### ################# ---------------------------------------------------------------------------------------------------- Viruses Hitting the Leasing Community Symantec Security Response - W32.Goner.A@mmWarning... we received a Virus outlined below here at Pacifica today and it has possibly been distributed to people on our outside email list... I'm so sorry if it was sent to you... please DO NOT OPEN... Bette Kerhoulas, CLP Managing Director 800-800-8081, 949-727-3711 Ext. 227, 949-727-3722 Fax bettek@pacifica-capital.com Please visit our web site at www.pacifica-capital.com Please be Careful. High Alert ( WORM_GONE.A )
Aliases: Description: It finds certain
files in memory and then terminates the processes of these found files.
Thereafter, it executes a destructive payload of deleting files. Solution: 1. Reboot the computer. 2. Before the startup logo appears, press F8. 3. Choose the “Command prompt only” option. 4. Go to the %System% directory. %Sys tem% is variable. It is usually located at C:\Windows\System. 5. At
the command prompt, type the following command then hit the Enter key: 6. Type
the following command and then hit the Enter key to delete the Worm
file: 7. Restart the computer. 8. Double
click the following: 9. Look
for the following registry entry and then delete it: Manual Cleaning On Windows NT/2000 Systems: 1. Boot from a Windows 2000 CD and select the "repair install console." 2. Go to the %System% directory. %System% is variable. It is usually located at C:\Windows\System. 3. At
the command prompt, type the following and then hit the Enter key: 4. Type
the following command and then hit the Enter key to delete the Worm
file: 5. Restart the computer. 6. Double
click the following: Look
for the following entry and delete it: _______________________________________________________________ Setting the Record Straight / Da Bears and Da 49ers "1950, Los Angeles Ram Tom Fears set the NFL record for the most receptions in a game when caught 18 passes vs. Green Bay." This may not be accurate anymore as I think Terrell Owens of the 49ers torched the Bears last season for 19 or 20 receptions, which I thought was a new NFL record. I believe it was during Jerry Rice's farewell game at S.F. Go Bears. We could see Bears vs. 49ers rematch later this year. Gary Trebels GTREBELS@IFCCREDIT.COM My source is obviously out of date. You are correct!!! To make matters worse, I wasat Candelestick December 17th ( season ticket holder ) and should have remembered this. To double-check this, I also confirmed it on the 49ers website: Terrell Owens: Produced most prolific receiving game in NFL history in 2000 with NFL RECORD 20 receptions against Chicago (12-17 ) for CAREER-HIGH 283 yards and one touchdown vs. Chicago (12-17)...)...20 receptions broke 50-year old record set by Tom Fears of the Rams... Now this weekend the 49ers play the Rams, and we almost beat them the last time. Go Niners!!! editor ) Citigroup Signs Mantas to Manage Money Transfers Internetnew.com Business
intelligence solution provider Mantas,
Inc. has signed a multi-year enterprise license, installation and
maintenance agreement with Citigroup (NYSE:C)
in the financial services company's efforts to detect money laundering.
Mantas' software incorporates both detection and discovery algorithms
that enable detection of relevant transactions. Financial terms of the
deal were not disclosed. The
Fairfax, Va.-based Mantas' technology will identify previously unknown
patterns of interest based on discovery algorithms which use machine-learning
techniques. Mantas solutions also provide the workflow capabilities
to allow firms to manage the process of effectively monitoring millions
of transactions and accounts on a daily basis. Mantas further augments
the technology through in-house industry experts who stay abreast of
the latest developments in money laundering. "We're pleased to join Citigroup in the war against money laundering," said Richard Spires, president and chief operating officer of Mantas. "In recent weeks, awareness has been heightened regarding the importance of tracking criminal activity through detecting money laundering." ### ########################### ############################ Dominic Janney: New Head for S=E Division, Marline Leasing
MOUNT LAUREL, NJ – Marlin Leasing Corp., the area’s fastest growing small ticket leasing company, announces the promotion of Dominic Janney to Director of Retail Sales, Southeastern Division. Janney, who brings over 14 years of sales experience to his new position, will spearhead Marlin’s regional growth in the Southeast. Already an accomplished manager for Marlin’s New Jersey Headquarters, Janney is enthused about the opportunities that the Southeastern Division provides. “I am looking |
